一般平均每3-5年，会遇到一次按照收益 率止盈的机会。 这种止盈方式的优点是，执行起来比较 简单。 文 | 银行螺丝钉 （转载请注明出处） 缺点是,可能会错过牛市收益。例如 2007、2015年这种罕见的大牛市，会提 前下车。 不过止盈后,也可以投资其他的低估品 种,以此来弥补牛市错过收益的遗憾。 (2) 按照高估止盈 通常来说估值较低的时候,适合定投; 估值正常的时候,可以暂停定投继续持 有;估值较高的时候,可以考虑止盈。 按照高估止盈,具备两大优点。 一是在牛市收益高。通常从低估到正常 估值,从正常估值到高估,每一个区域 都有30%-40%的涨幅。 另一个优点是可以长时间地享受到投资 品种盈利上涨带来的收益。 一般在大牛市的中后期,才会达到高 估。大牛市通常7-10年一轮，使用这种 投资方式,持有时间比较长,可以享受 投资品种本身盈利带来的收益。 当然,这种止盈方式也会有缺点,那就 是持有周期会比较长,投资者需要非常 有耐心。 (3) 长期持有不卖出,依靠分红作为盈 利方式 指数基金之父约翰·博格曾说过：如果客 户的收入需求和指数基金的股息分红、 利息收入等相匹配，那就没有比简单的 「坚持到底」更好的投资 ...

Group 1 - The core concept of fund investment advisory is to address the issue where "funds make money, but investors do not" [5] - Fund investment advisors serve a similar purpose as professionals in other fields, such as doctors and lawyers, providing specialized guidance [4] - The article promotes a free course that covers various aspects of fund investment advisory, highlighting its advantages in helping investors achieve better returns [6][7] Group 2 - A common strategy for profit-taking in fund investments is to set a target return, such as 20%, and redeem the fund once that target is reached [11] - It is important to avoid frequent profit-taking due to high transaction costs, especially if funds are redeemed within seven days, which incurs a penalty fee of 1.5% [12] - Setting a profit-taking target too low can lead to missed opportunities during bull markets, while setting it too high may result in not achieving the target at all [14]

Core Viewpoint - The article summarizes key investment strategies and insights from various articles published in September, providing valuable information for investors to enhance their decision-making process [2][3]. Group 1: Investment Strategies - The newly launched automatic profit-taking feature allows investors to automatically execute profit-taking strategies when market conditions signal a transition from undervaluation to more stable investment options [5]. - The article discusses the operation of government bond reverse repos, highlighting their utility as a short-term financial management tool for investors with idle cash, especially during specific timeframes like month-end or holiday periods [7]. - Insights on the timing of fund purchases before holidays are provided, clarifying how different fund types may yield returns during holiday periods and the optimal dates for investment to capture these returns [8]. Group 2: Market Analysis - The September market analysis indicates that the current market remains relatively undervalued, suggesting continued investment in actively selected and index-enhanced portfolios [10]. - A new "golden star rating" and bull-bear signal board for gold investments are introduced, offering insights into gold pricing, historical ratings, and its relationship with real interest rates, which can guide investment decisions [11]. - The article presents an index map categorizing various investment indices, including their codes, selection rules, and average market capitalizations, facilitating easier navigation for investors [12]. Group 3: Fund Performance Insights - A summary of fund managers' perspectives from the 2025 semi-annual reports is provided, categorizing them into different investment styles and highlighting their views on past performance and future market trends [12][13]. - The article emphasizes the importance of asset allocation strategies, particularly in the context of a structural bull market in A-shares, advocating for diversified investment across different styles to mitigate risks [16]. - The discussion on profit-taking strategies post-market upturn outlines three methods for investors to consider, including automatic rebalancing features in investment portfolios to optimize returns [17]. Group 4: Earnings Growth and Valuation - The article notes a recovery in earnings growth for A-share listed companies in the first half of 2025, suggesting a potential end to the economic downturn and an opening for market growth [18]. - It emphasizes the relevance of value investing strategies in the A-share market, asserting that patience among investors can lead to successful outcomes despite the market's cyclical nature [20][22]. - The importance of valuation methods in investment decisions is highlighted, advocating for simple approaches that can help ordinary investors identify undervalued assets [23].

Core Viewpoint - The article discusses various methods for profit-taking in investments, highlighting their advantages and disadvantages, and provides examples of investment strategies based on market valuation [1][75]. Summary by Sections Profit-Taking Methods - Three common methods for profit-taking in single index funds are: - Taking profits based on a set return rate - Taking profits based on overvaluation - Long-term holding without selling, relying on dividends for profit [4][26]. Method 1: Profit-Taking Based on Return Rate - This method involves taking profits when the return reaches a predetermined level, typically around 30% [7]. - It is noted that opportunities for this method arise approximately every 3-5 years [10]. - The simplicity of execution is an advantage, but it may lead to missing out on significant bull market gains [10][11]. Method 2: Profit-Taking Based on Overvaluation - The strategy suggests: - Investing during low valuation periods - Holding during normal valuation periods - Taking profits during high valuation periods [11]. - Valuation can be assessed using daily updates from the company’s star rating and valuation table [12]. - Historical examples illustrate the effectiveness of this method, showing significant gains from low to high valuation transitions [15][17]. Method 3: Long-Term Holding with Dividends - This approach is advocated by investment experts, emphasizing the benefits of sticking with high-dividend stocks for steady income [27]. - It is noted that this method requires careful selection of high-dividend yielding investments [28]. Investment Strategies for Advisory Portfolios - The company has developed a "Monthly Salary" advisory portfolio to provide regular cash flow for specific needs [32]. - Investors can choose to receive cash flow weekly or monthly, with a total annual payout approximating 6% of the total assets [34]. - The portfolio has shown stability and outperformance compared to benchmarks, with a maximum drawdown of only -9.13% since inception [43]. Automatic Profit-Taking Features - The advisory portfolios include automatic rebalancing features to facilitate profit-taking from overvalued assets while reinvesting in undervalued ones [46]. - The "Automatic Profit-Taking" function allows for seamless execution of profit-taking strategies without manual intervention [56][60]. Conclusion - The article emphasizes the importance of selecting appropriate profit-taking strategies based on individual circumstances and market conditions, while also highlighting the benefits of automated advisory services for ease of management [75][78].

Core Insights - The article discusses the increasing discussions on social platforms regarding "fund recovery" and "finally breaking even," particularly among investors who entered the market at high points [1][4]. - Many investors are experiencing significant profits after a prolonged period of losses, leading to varied responses regarding their investment strategies [3][10]. Market Behavior - The phenomenon of "capital preservation" is prevalent, with many investors opting to redeem their funds upon breaking even after enduring long periods of losses [4][10]. - Psychological factors such as "loss aversion" and "anchoring effect" influence investors' decisions to redeem funds once they recover their initial investments [5][7]. Investment Strategies - Three strategies are proposed for fund profit-taking: - **Pyramid Averaging Method**: Investors can consider increasing their positions as prices decline, which requires sufficient capital and accurate market timing [11]. - **Incremental Profit-Taking Method**: This involves redeeming a portion of holdings at set profit thresholds, allowing for both profit locking and continued market participation [12]. - **Dynamic Portfolio Adjustment Method**: More experienced investors may view recovery as an opportunity to optimize their portfolios by reallocating funds between high-volatility and low-volatility investments [13][14]. Conclusion - The article emphasizes that while various strategies can be employed, the key to successful investing lies in continuous asset allocation optimization and emotional management, marking recovery as a new starting point rather than an endpoint [16].